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First Quantum Minerals Ltd. (FM.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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14.61+0.35 (+2.45%)
At close: 4:00PM EDT
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Previous Close14.26
Open14.27
Bid14.50 x N/A
Ask14.64 x N/A
Day's Range13.84 - 14.85
52 Week Range4.71 - 14.85
Volume15,249,774
Avg. Volume3,151,758
Market Cap10.072B
Beta (5Y Monthly)2.62
PE Ratio (TTM)N/A
EPS (TTM)-0.59
Earnings DateOct 26, 2020 - Oct 30, 2020
Forward Dividend & Yield0.01 (0.07%)
Ex-Dividend DateAug 27, 2020
1y Target Est12.36
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    • GlobeNewswire

      First Quantum Minerals Announces Pricing and Upsizing of Senior Notes Offering

      (In United States dollars) TORONTO, Sept. 17, 2020 (GLOBE NEWSWIRE) --  First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX:FM) today announced that it has successfully completed the pricing of its offering (the “Offering”) of $1,500 million aggregate principal amount of 6.875% Senior Notes due 2027 (the “Notes”). The original offering amount of the Notes of $1,000 million has been increased to $1,500 million. The issue price of the Notes is 100.000%.Interest on the Notes will accrue from the issue date at a rate of 6.875% per annum and will be payable semi-annually. Settlement is expected to take place on or about October 1, 2020, subject to customary conditions precedent for similar transactions. The Notes will be senior unsecured obligations of the Company and will be guaranteed by certain of the Company's subsidiaries.The Company intends to apply the gross proceeds from the sale of the Notes towards (i) the repayment of $650 million principal amount under the Company’s existing revolving credit facility and (ii) the redemption in full of the Company’s outstanding Senior Notes due 2022. Fees and expenses associated with the Offering are expected to be paid using cash on balance sheet.The information in this announcement does not constitute an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered or are exempt from the registration of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Notes will not be registered under the U.S. Securities Act, or the securities laws of any state of the U.S. or other jurisdictions and the Notes will not be offered or sold within the U.S. or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S of the U.S. Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and the applicable laws of other jurisdictions. The Company does not intend to conduct a public offering in the United States or any other jurisdiction. It may be unlawful to distribute this announcement in certain jurisdictions.The information in this announcement does not constitute an offer, or a solicitation of an offer, of securities for sale in the United States, Canada, the EEA, the UK, Switzerland, Panama, Hong Kong, Japan, Singapore, or any other jurisdiction in which such an offer, solicitation or sale is not permitted.In member states of the EEA (“Member States”) or the UK, this announcement and any offer of securities if made subsequently is directed only at persons who are "qualified investors" (any such person a “Qualified Investor”) as defined in Regulation (EU) 2017/1129 (as amended and superseded) (the “Prospectus Regulation”). Any person in the EEA or the UK who acquires securities in any offer of securities (an "investor") or to whom any offer of securities is made will be deemed to have represented and agreed that it is a Qualified Investor. Any investor will also be deemed to have represented and agreed that any securities acquired by it in the offer have not been acquired on behalf of persons in the EEA or the UK other than Qualified Investors or persons in the UK and other Member States for whom the investor has authority to make decisions on a wholly discretionary basis, nor have the securities been acquired with a view to their offer or resale in the EEA or the UK to persons where this would result in a requirement for publication by the Company of a prospectus pursuant to the Prospectus Regulation. The Company and others will rely upon the truth and accuracy of the foregoing representations and agreements. This announcement constitutes a public disclosure of inside information by the Company under Regulation (EU) 596/2014 (16 April 2014). References to Regulations or Directives include, in relation to the UK, those Regulations or Directives as they form part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 or have been implemented in UK domestic law, as appropriate.This communication is only directed at (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, (the “Order”), or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it would otherwise be lawful to distribute to or direct at, all such persons together being referred to as “relevant persons”. The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.This announcement is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities referred to herein in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this announcement or the merits of the securities referred to herein, and any representation to the contrary is an offence.First Quantum's address is set out below. For further information, including obtaining a copy, once filed, of the report required to be filed with applicable securities regulators in respect of the matters described in this news release, please contact First Quantum at one of the numbers listed at the end of this news release.Suite 2600, Three Bentall Centre 595 Burrard Street, P.O. Box 49314 V7X 1L3 Tel: +1 416 361 6400 Toll Free: +1 888 688 6577For further information visit our website at www.first-quantum.comNorth American contact: Lisa Doddridge, Director, Investor Relations Tel: (416) 361-3400 Toll free: 1 (888) 688-6577 United Kingdom contact: Clive Newall, President Tel: +44 7802 721663 E-Mail: info@fqml.comCAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATIONCertain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company to be materially different from any future results, financial condition, performance or achievements expressed or implied by such forward-looking statements or information. Such factors may include, among others, those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Ontario Securities Commissions, the Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange. PROHIBITION OF SALES TO EEA OR UK RETAIL INVESTORSThe Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II") or (ii) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (iii) not a Qualified Investor. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPS Regulation.

    • GlobeNewswire

      First Quantum Minerals Announces Senior Notes Offering

      (In United States dollars)TORONTO, Sept. 17, 2020 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX:FM) today announced that it is launching an offering (the “Offering”) of $1,000 million principal amount of Senior Notes due 2027 (the "Notes").  The Notes will be senior unsecured obligations of the Company and will be guaranteed by certain of the Company's subsidiaries. Interest on the Notes will accrue from the issue date and will be payable semi-annually. The interest rate and offering price of each series of the Notes along with certain other terms will be determined at the time of pricing of the offering, subject to market conditions. The Company intends to apply the gross proceeds from the sale of the Notes towards (i) the repayment of $575 million principal amount under the Company’s existing revolving credit facility and (ii) the redemption of $425 million aggregate principal amount of the Company’s Senior Notes due 2022. Fees and expenses associated with the Offering are expected to be paid using cash on balance sheet. The Company has prepared an offering memorandum which will be made available to selected prospective purchasers of the Notes.***The information in this announcement does not constitute an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered or are exempt from the registration of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Notes will not be registered under the U.S. Securities Act, or the securities laws of any state of the U.S. or other jurisdictions and the Notes will not be offered or sold within the U.S. or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S of the U.S. Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and the applicable laws of other jurisdictions. The Company does not intend to conduct a public offering in the United States or any other jurisdiction. It may be unlawful to distribute this announcement in certain jurisdictions. The information in this announcement does not constitute an offer, or a solicitation of an offer, of securities for sale in the United States, Canada, the EEA, the UK, Switzerland, Panama, Hong Kong, Japan, Singapore, or any other jurisdiction in which such an offer, solicitation or sale is not permitted. In member states of the EEA (“Member States”) or the UK, this announcement and any offer of securities if made subsequently is directed only at persons who are "qualified investors" (any such person a “Qualified Investor”) as defined in Regulation (EU) 2017/1129 (as amended and superseded) (the “Prospectus Regulation”). Any person in the EEA or the UK who acquires securities in any offer of securities (an "investor") or to whom any offer of securities is made will be deemed to have represented and agreed that it is a Qualified Investor. Any investor will also be deemed to have represented and agreed that any securities acquired by it in the offer have not been acquired on behalf of persons in the EEA or the UK other than Qualified Investors or persons in the UK and other Member States for whom the investor has authority to make decisions on a wholly discretionary basis, nor have the securities been acquired with a view to their offer or resale in the EEA or the UK to persons where this would result in a requirement for publication by the Company of a prospectus pursuant to the Prospectus Regulation. The Company and others will rely upon the truth and accuracy of the foregoing representations and agreements. This announcement constitutes a public disclosure of inside information by the Company under Regulation (EU) 596/2014 (16 April 2014). References to Regulations or Directives include, in relation to the UK, those Regulations or Directives as they form part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 or have been implemented in UK domestic law, as appropriate. This communication is only directed at (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, (the “Order”), or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it would otherwise be lawful to distribute to or direct at, all such persons together being referred to as “relevant persons”. The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents. This announcement is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities referred to herein in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this announcement or the merits of the securities referred to herein, and any representation to the contrary is an offence. First Quantum's address is set out below. For further information, including obtaining a copy, once filed, of the report required to be filed with applicable securities regulators in respect of the matters described in this news release, please contact First Quantum at one of the numbers listed at the end of this news release. Suite 2600, Three Bentall Centre 595 Burrard Street, P.O. Box 49314 V7X 1L3 Tel: +1 416 361 6400 Toll Free: +1 888 688 6577For further information visit our website at www.first-quantum.comNorth American contact: Lisa Doddridge, Director, Investor Relations Tel: (416) 361-3400 Toll free: 1 (888) 688-6577 United Kingdom contact: Clive Newall, President Tel: +44 7802 721663 E-Mail: info@fqml.comCAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATIONCertain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company to be materially different from any future results, financial condition, performance or achievements expressed or implied by such forward-looking statements or information. Such factors may include, among others, those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Ontario Securities Commissions, the Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange. PROHIBITION OF SALES TO EEA OR UK RETAIL INVESTORSThe Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II") or (ii) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (iii) not a Qualified Investor. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPS Regulation.

    • GlobeNewswire

      First Quantum Minerals Provides Operations Update

      TORONTO, Sept. 16, 2020 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX:FM) today provides an update on operations and continuing efforts to mitigate the impact of COVID-19.  Operational PerformanceThe Company expects to produce 725,000 – 770,000 tonnes of copper, 230,000 – 250,000 ounces of gold and 15,000 – 17,000 tonnes of nickel for the full year 2020, as previously stated. Operations continue to perform as expected despite the challenges presented by the current pandemic and the necessary heightened focus on health and sanitisation protocols. With the resumption of normal operations at Cobre Panama, the Company is not expecting any additional disruptions related to COVID-19 now that all precautionary measures have been put into practice.Cobre Panama reached full production on the three SAG mill trains on August 8, 2020, slightly ahead of schedule after the operation had been placed on Preservation and Safe Maintenance in early April by order of the Ministry of Health of the Republic of Panama (“MINSA”). With the cooperation of MINSA, the Company announced the resumption of normal operations in July with the ramp-up expected to reach full production levels in mid-August. This was achieved ahead of expectation in August during which Cobre Panama produced just over 25,000 tonnes of copper The focus is now on delivering consistent operational performance and maintaining the throughput rate of 85 million tonnes per annum for the remainder of the year. Production for 2020 is expected to be well within our existing guidance of between 180,000 and 200,000 tonnes of copper and 70,000 and 80,000 ounces of gold.Kansanshi continues to operate as expected, delivering consistent production despite declines in oxide grades and recovery. The Company’s recently updated Mineral Reserves and Resources at Kansanshi resulted in a 70% and 40% increase respectively over the last update in May 2015. This extended the the mine life to 24 years (see the Company’s release dated September 14, 2020).Sentinel has exceeded expectations so far in the quarter, achieving higher than average monthly production in July, with over 23,000 tonnes of copper production and in August, with over 25,000 tonnes of copper production. This strong performance is due to consistent milling rates and better than expected grades in August and positions the operation well to achieve guidance previously provided.Continued COVID-19 EffortsThe Company continues to prioritize the health and safety of personnel and focus on measures to prevent the transmission of COVID-19 amongst the workforce and communities surrounding our operations. When COVID-19 was declared an international public health emergency by the World Health Organization in late January 2020, the Company moved quickly to introduce health and sanitation protocols across its sites in compliance with both local and international guidelines. These health protocols are regularly reviewed and adjusted as needed.Specifically, Cobre Panama has undertaken a deep disinfection program and has developed heightened health protocols which are regularly inspected by MINSA. There have been no cases onsite since May 2020. In addition to the protocols in place throughout the operation, before any personnel is permitted to enter the site, they are tested and quarantined off-site in Company provided accommodation to ensure the site remain virus-free. These strict protocols and sanitary vigilance remain in place as a “new normal” way of working. The Company is also supporting the wider community in Panama, with donations of medical equipment and supplies, as well as responding to the Panamanian Government’s request to support families in need with food and other supplies.In Zambia, the Company has worked with Zambian Health Authorities to adopt and implement strict procedures at all of its mine sites to manage the COVID-19 risks. This has enabled normal levels of operations throughout the crisis. In addition to practicing social distancing and ensuring stringent hygiene practices, implementing self-isolation policies, utilizing alternate office space and working from home to limit interaction, establishing a comprehensive contact tracing protocol, increased capacity to generate therapeutic oxygen and building extensive isolation facilities with intensive care capability, Kansanshi and Sentinel have also procured their own serological testing equipment to ensure that both sites can monitor and manage the situation appropriately. The Company has also pledged financial support for the provision of medical logistics support in the Solwezi and Kalumbila districts of North-Western Zambia.COVID-19 protective measures to minimize person-to-person transmission in the work place and protect business continuity have been implemented across all operations, in addition to increased medical facility resilience initiatives at the mine clinics in Mauritania, Zambia and Panama. The Company will continue to monitor the mitigation efforts at the operations and work with Governments and Health Ministries as new protocols are established or required.For further information visit our website at www.first-quantum.comNorth American contact: Lisa Doddridge, Director, Investor Relations Tel: (416) 361-6400 Toll-free: 1 (888) 688-6577 United Kingdom contact: Clive Newall, President Tel: +44 7802 721663 E-Mail: info@fqml.comCAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking statements include estimates, forecasts and statements as to the Company’s expectations of production and sales volumes, and expected timing of completion of project development at Enterprise and post-completion construction activity at Cobre Panama and are subject to the impact of ore grades on future production, the potential of production disruptions, potential production, operational, labour or marketing disruptions as a result of the COVID-19 global pandemic (including but not limited to the temporary suspension of labour activities at Cobre Panama implemented in April 2020), capital expenditure and mine production costs, the outcome of mine permitting, other required permitting, the outcome of legal proceedings which involve the Company, information with respect to the future price of copper, gold, silver, nickel, zinc, pyrite, cobalt, iron and sulphuric acid, estimated mineral reserves and mineral resources, First Quantum’s exploration and development program, estimated future expenses, exploration and development capital requirements, the Company’s hedging policy, and goals and strategies. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about continuing production at all operating facilities, the price of copper, gold, silver, nickel, zinc, pyrite, cobalt, iron and sulphuric acid, anticipated costs and expenditures and the ability to achieve the Company’s goals. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to, future production volumes and costs, the temporary or permanent closure of uneconomic operations, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland, Spain, Turkey, Panama, Argentina and Australia, adverse weather conditions in Zambia, Finland, Spain, Turkey, Mauritania, Australia and Panama, labour disruptions, potential social and environmental challenges (including the impact of climate change), power supply, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, the production of off-spec material and events generally impacting global economic, political and social stability.See the Company’s Annual Information Form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of these factors are beyond First Quantum’s control. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information made herein are qualified by this cautionary statement.